Petition to Cap Payday Loan Interests

COLUMBIA - Missourians for Responsible Lending continued working on Wednesday, toward a petition to place a cap on interest rates for payday and car title loans.

The secretary of state's office approved the wording of the group's proposed ballot on Tuesday. The approval allows the group to start gathering signitures for a petition to have Missourians vote on the cap in November 2012.

The organization's treasurer, Jim Bryan, said the petition is an effort to caution Missourians about avoiding long-term risks of getting in financial binds, and to urge businesses that give payday and car title loans to lower interest rates.